ICE Drilling Inc.'s balance sheet information and income statement are as follows: ICE Drilling Inc. Income Statement For Year Ended December 31, 2020 Sales Cost of goods sold Gross profit Operating expenses: Depreciation expense Other expenses Total operating expenses Profit from operations Loss on sale of equipment Profit before taxes. Income taxes Profit $1,111,400 559, 000 $ 552,400 41,000 305, 560 ICE Drilling Inc. Comparative Balance Sheet Information 346, 560 $ 205, 840 11, 280 $ 194, 560 26, 960 $ 167,600 December 31 2020 2019 Cash Accounts receivable $ 110,680 144, 600 $ 170, 640 Merchandise inventory 612, 200 Prepaid expenses 12, 030 110, 160 564, 600 15,000 Equipment 357, 080 245, 400 Accumulated depreciation 76, 560 97, 560 Accounts payable 189, 190 265, 040 Current notes payable 21, 400 13,000 Notes payable 210,000 120, 200 Common shares 449, 800 349,000 Retained earnings 289, 640 261,000 Additional information regarding ICE Drilling's activities during 2020: 1. Loss on sale of equipment is $11,280. 2. Paid $70,080 to reduce a long-term note payable. 3. Equipment costing $104,000, with accumulated depreciation of $62,000, is sold for cash. 4. Equipment costing $215,680 is purchased by paying cash of $55,800 and signing a long-term note payable for the balance. 5. Borrowed $8,400 by signing a short-term note payable. 6. Issued 10,080 common shares for cash at $10 per share. 7. Declared and paid cash dividends of $138,960. Required: Prepare a statement of cash flows for 2020 that reports the cash inflows and outflows from operating activities according to the indirect method. (List any deduction in cash and cash outflows as negative amounts.) Cash flows from operating activities: ICE DRILLING INC. Statement of Cash Flows For Year Ended December 31, 2020 Adjustments to reconcile profit to net cash inflows from operating activities: Cash flows from investing activities: Cash flows from financing activities